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WHEREAS, as a result of the PLTW Initiative, the School Corporation expects that 22 of its schools located in the City of South Bend, Indiana (the "City Schools") will provide PLTW- directed STEM educational programming for its students and development for its teachers; and WHEREAS, the Department of Community Investment of the City (the "DCI") and the School Corporation have been engaged in discussions on collaborating to launch the PLTW programming in City Schools; and WHEREAS, the Commission has previously declared redevelopment and economic development areas in the City and designated such areas to be allocation areas for purposes of tax increment financing("TIF")pursuant to Section 39 of the Act; and WHEREAS, Indiana Code 36-7-25-7 ("Section 7") provides that the Commission may enter into a contract with an "eligible entity" to provide educational programs or any other programs designed to prepare individuals to participate in the competitive and global economy following findings of the Commission that such programs will promote redevelopment and economic development of the City, is of utility and benefit, and is in the best interests of the City's residents; and WHEREAS, Section 7 provides further the Commission may use any revenues legally - available to the Commission to fund such programming including TIF revenues, provided it may not spend more than 15% of the TIF Revenues it receives on such programming on an annual basis; and WHEREAS, the School Corporation constitutes an "eligible entity" as such term is defined by Section 7; and WHEREAS, the Commission desires to facilitate the implementation of the PLTW in the City Schools by contracting with the School Corporation to provide the PLTW programming in the City Schools and agreeing to pay an amount of its TIF revenues as described herein to the School Corporation for the School Corporation to use along with its own funds and other funds being made available for such purposes to provide the PLTW programming in the City Schools, all subject to the terms and conditions described herein; and WHEREAS, in considering to use its revenues for the purpose described above, the Commission has determined that the PLTW programming will promote the redevelopment and economic development of the City by better preparing City residents to participate in the competitive and global economy; and WHEREAS, the Parties hereto have determined to enter into this Agreement in order to formalize their understanding of each Party's related rights and obligations described herein; NOW,THEREFORE, in consideration of the mutual promises and obligations set forth in this Agreement, the adequacy of which consideration is hereby acknowledged, the Parties agree as follows: -2- US.54807965.03